On the heels of Evergrande’s ($EGRNF@China) debt crisis, China’s property market shows increasing signs of stress after another developer failed to make a bond payment on Tuesday. Fantasia did not repay a bond that matured on Monday. The firm has halted trading its shares, which have plummeted nearly 60% year-to-date until further notice. However, the fallout from Fantasia would be minor compared with Evergrande because Evergrande is the world’s most indebted property developer with liabilities of $300 billion. In comparison, Fantasia ($HKD@China) has total liabilities of $12.8 billion. Industry watchers have been concerned about the fallout and possible contagion from the Evergrande crisis hitting China’s growth. According to analyst estimates, the real estate sector in China accounts for as much as 15% of the Asian giant’s gross domestic product. Rating agencies have downgraded Chinese developers Fantasia Holdings and Sinic Holdings over risks from their strained cash flow situations.